Archive | Financial Literacy

One of the “accounting jokes” that I tell involves making sure that the executor of your will understands your wishes. The joke goes like this. What if there is a hereafter? Do you want to spend it wishing that you had explained something in your will better? Now I do appreciate that accounting humour is […]

June 15th is the next time that personal instalments are due, and the amount is still based on your 2016 return. The payment due September 15th will be the first one based on the 2017 taxation year. Corporations are supposed to make a monthly payment of their instalments. Annual filers for HST are supposed to […]

Since 2016, Canada Revenue Agency has required Canadian residents to report the sale of any principal residence on their tax returns. If you sell your home and report it on your tax return, you should not have any problems with CRA, provided the home was really your principal residence. Recently, CRA was advertising that they […]

A business person who is registered to collect HST and is not incorporated is personally registered. Sounds obvious – but what does that mean? This means that anything that this individual bills must have HST added. I have had clients who believed that they could register one proprietorship but not another. For example, they have […]

The Canada Revenue Agency has the ability to ask financial institutions for data on all of their clients, if they wish. This is different than a warrant for just one of their clients. We refer to this as fishing, CRA is on the lookout for people who are making money and not reporting it on […]